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As Millennials and the Gen Z begin to become more invested in social changes, they are now more attuned to companies that are taking the initiative to make a positive social impact. Merely focusing on financial gains are no longer the top priorities of the younger generation.
Deloitte has gathered findings from their survey including 10,455 Millennials across 36 countries, and 1,850 Gen Z respondents across six countries who are just entering the workforce. The survey revealed only 48% believed businesses behave ethically, down from 65% last year. More have started to doubt the altruistic nature of businesses with only 47% believing business leaders are committed to helping improve society, down from 62% last year.
The younger generation now place more confidence in businesses that value job creation, innovation, enhancing employee’s lives and careers, and making a positive impact on society and the environment.
As a result, loyalty levels have receded to where they were two years ago. 43% of Millennials now envision leaving their jobs within two years and only 28% are looking to stay beyond five years. This is due to 62% of them regarding the gig economy as a viable alternative to full-time employment. Businesses need to step up if they want to hold onto Millennial talent and consider other elements such as diversity, inclusion and flexibility to keep Millennials and Gen Z content.
Punit Renjen, Deloitte’s global CEO, said: “The results of this year’s survey indicate that the rapid social, technological and geopolitical changes of the past year have had an impact on Millenials’ and Gen Z’s views of business, and it should be a wake-up call to leaders everywhere.”